The UK arm of boardsports company O’Neill saw turnover rise but profits fall in 2009.
O’Neill Wetsuits, the company which operates the UK retail and wholesale operations of boardsports business O’Neill, saw pre-tax profits more than halve to £202,220 in the year to December 31 2009, down from £471,907 in the previous year.
Sales at the company rose 10% to £6.2m in the same period, according to accounts filed at Companies House. Because the business is classed as a small company, it does not have to disclose a detailied account of its performance and it is unclear why profits fell during the year.
After tax, O’Neill’s UK profit for the period was £64,093, down from £332,509. The company said a dividend will not be paid for the year.
O’Neill said its gross margin fell to 44% during the period, down from 50% in 2008.